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SHIB Shiba Inu's game: Chain activity surges, but prices face resistance
Recently, chain activity in the Shiba Inu (SHIB) network has increased significantly. Notably, a key indicator surged by about 42%, indicating renewed interest in SHIB. However, despite the increase in online trading volume, the price chart did not send a single strong upward signal to investors, raising questions about whether it could translate into substantial market gains.
What does on-chain data reveal?
Increased activity on the chain means that transactions and interactions on the blockchain are more frequent. However, it is unclear whether this increase stems from purchases, sales, wallet transfers or other types of capital flows. For this highened activity to be a positive market signal, it also needs to be supported by price trends, trading volumes and overall market conditions.
Resistance zone remains solid
Currently, SHIB is trading at approximately US$0.00000521. The token rebounded significantly from a July low of approximately $0.000041. However, these upward attempts repeatedly lost momentum when they hit below key thresholds, failing to confirm a long-term positive shift.
An important resistance range lies between US$0.000056 and US$0.000057, with the long-term moving average trending downward in this area. In late August, SHIB briefly broke through this range, reaching approximately US$0.000062, but failed to maintain the breakthrough trend. As a result, prices have fallen back below this resistance zone.
To signal a stronger real demand signal from increased activity on the chain, it must permanently exceed the range of US$0.000056 to US$0.000057, especially as volume and momentum strengthen.
Is there short-term support?
In the short term, SHIB remains relatively stable. Maintaining above the moving average cluster around US$0.000050 to US$0.000051 may create room for a rebound. Conversely, a break below US$0.000050 could weaken the technical outlook and bring renewed attention to the US$0.000047 to US$0.000045 range.
Current momentum indicators do not provide decisive support. The daily RSI hovers around the neutral level of 50, and trading volume has dropped significantly compared to the peaks observed during the July and August rally.
Is there a strong signal?
A 42% surge in on-chain activity alone does not convincingly predict an increase in prices. Sometimes, network utilization leads price movements and increases without necessarily indicating strong buying pressure. The market still needs clearer verification to confirm the trend of SHIB.
Although SHIB's online activity has increased, its inability to permanently break through the resistance zone suggests that caution remains in the market. As of now, three key insights can be drawn:
- The increase in activity on the chain indicates increased interest, but further external verification is needed to drive price movements.
- The main resistance area has not yet been broken, hindering a clear upward price trend.
- The short-term support range provides a degree of stability, but overall momentum remains weak.
Looking forward, whether SHIB can leverage increased network activity is a key market issue. Only by continuing to break through established resistance levels, accompanied by increased trading volume and momentum, can any substantial market shift be confirmed. Until then, cautious optimism remains the main tone of current investor sentiment.
